Essar Group has planned to invest Rs 300 billion over the next four years in setting up a green hydrogen plant at Jamnagar in Gujarat as the conglomerate eyes clean energy as a key pillar for its new phase of growth. The conglomerate is looking to decarbonise its oil refinery in the UK, construct a green steel plant in Saudi Arabia, and build a liquified natural gas and electric ecosystem to decarbonise long-haul heavy trucks.
In December 2023, Essar Group and the government of Gujarat signed three MoUs for development of energy and infrastructure sectors in the state at an overall investment of Rs 550 billion.
In February 2023, Essar Group established Essar Energy Transition, concentrating on hydrogen, decarbonisation, new energy infrastructure, and biofuels.